Gyrodyne Announces January 29, 2024 At 5:00 p.m. ET As Record Date For Proposed $5M Rights Offering
Portfolio Pulse from Benzinga Newsdesk
Gyrodyne, LLC (NASDAQ:GYRO) has set January 29, 2024, as the record date for a proposed rights offering aiming to raise $5 million. Shareholders as of this date will receive rights to buy additional shares at $8.00 each. The offering includes a basic subscription privilege and an oversubscription privilege. Proceeds will fund entitlements for Flowerfield and Cortlandt Manor properties, litigation expenses, property negotiations, capital improvements, and general working capital. The offering is pending SEC approval of the Registration Statement.
January 22, 2024 | 4:16 pm
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Gyrodyne is planning a rights offering to raise $5 million, with a record date set for January 29, 2024. Shareholders can purchase additional shares at $8.00, and the proceeds will support various company initiatives. The offering is subject to SEC approval.
The announcement of a rights offering is typically a positive signal for existing shareholders, as it provides an opportunity to increase their investment at a potentially discounted price. The use of proceeds for property development and capital improvements can be seen as a growth strategy, which may be viewed favorably by investors. However, the impact is contingent on SEC approval, and the market's reception to the offering will depend on the perceived value of the investment opportunity.
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